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Oil prices are falling by more than 10 percent Friday, and Wall Street is rallying toward 

Iran said the Strait of Hormuz is fully open

, allowing oil tankers to exit the Persian Gulf again and carry crude to customers worldwide.

The S&P 500 climbed 0.8 percent as U.S. stocks run toward the finish of a third straight week of big gains, their longest such streak since Halloween. The Dow Jones Industrial Average was up 678 points, or 1.4 percent, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1 percnet higher.

Stocks have jumped more than 11 percent since hitting 

 on hopes that the United States and Iran can avoid a worst-case scenario for the global economy despite 

 is the clearest yet signal for optimism, and 

 said in a speech late Thursday that the war 

The price for a barrel of benchmark U.S. crude tumbled 10.8 percent to $81.28.

Brent crude, the international standard, dropped 10.3 percent to $89.13. To be sure, it remains above its $70 level from before the war, indicating some caution is still embedded in financial markets.

 to doubt about a possible end to the fighting. That in turn has caused vicious and sudden swings of prices for everything from stocks to bonds to oil.

A strong start to the earnings reporting season for big U.S. companies has also helped to support the U.S. stock market, and several more financial companies joined the list Friday of companies delivering bigger profits for the start of 2026 than analysts expected.

State Street rose 2.9 percent, and Fifth Third Bancorp added 1.9 percent after both reported better results for the latest quarter than expected.

They helped offset an 11.5 percent drop for Netflix, which fell even though it likewise delivered a better profit than expected. It did not raise its forecast for revenue growth for the full year, which analysts said may have disappointed some investors. It also said 

, cofounder and chairman of the streaming company, will 

 of directors in June when his term expires.

In stock markets abroad, stock indexes leaped in Europe following Iran’s announcement about the Strait of Hormuz. France’s CAC 40 jumped 2 percent, and Germany’s DAX returned 2.2 percent.

In Asia, where trading finished for the day before the announcement, indexes were weaker. Japan’s Nikkei 225 lost 1.8 percent, and Hong Kong’s Hang Seng fell 0.9 percent for two of the bigger losses.

In the bond market, Treasury yields eased sharply as falling oil prices took pressure off inflation. The yield on the 10-year Treasury dropped to 4.24 percent from 4.32 percent late Thursday.

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Oil prices are falling by more than 10 percent, and Wall Street is rallying toward another record after Iran said the Strait of Hormuz is fully open, which would allow oil tankers to exit the Persian Gulf again and carry crude to customers worldwide. 

Oil tumbles 10% as Wall Street rallies to another record after Iran reopens the Strait of Hormuz

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